Not that it shouldn't be done but just pointing out the biggest cost drivers. 

I'd be happiest being quite an active investor and property manager.Of course, given my wife's job there's a also a huge incentive for me to qualify for real estate professional tax status and (if I'm reading things right) maximize our paper losses.

The biggest thing we have to worry about is government intervention, and the actions of 2020's have been unprecedented.

The two biggest challenges I hear are not realizing the condition of the property (for example, finding out the property is in a worse condition than it is) and working with contractors (not finishing the job, taking too long, etc).

Granted that relationship likely took years and a few transactions to cultivate.The 3 biggest mistakes I see new investors make when "shopping":1) Tunnel vision on the interest rate. 

@Ryan Tongue have heard of termites in Michgan before, but have never SEEN termites in Michigan.Winter usually kills them.The biggest challenge with this issue is doing it properly. 

the biggest indication of a investor failing in real estate is not having enough reserves to get through the rainy seasons of the investment where as people who can get through over a long period of time do extremely well.

It seems to me that your biggest potential liability at this moment, by far, is not having a lease. 

My biggest concern with cost seg studies that produce a large rebate is does that flag for audit.

Since you are here on the BRRRR forum, the biggest thing is cash-out seasoning time.